Group 1 - The concept stocks related to the Yarlung Tsangpo River hydropower project continue to gain popularity, with over twenty stocks hitting the daily limit up, including Tiedao Heavy Industry and Deepwater Survey Institute, both reaching a 20% increase [4][6] - The total investment for the Yarlung Tsangpo River downstream hydropower project is approximately six times that of the Three Gorges Project, with an expected annual investment of 60 billion to 80 billion yuan over a construction period of 15 to 20 years [7] - Major players in the steel sector, such as China Electric Power Construction and China Energy Engineering, have seen their stock prices rise significantly, with total market values reaching 116.6 billion yuan and 128.8 billion yuan respectively [6][7] Group 2 - The steel sector experienced a sharp increase, with stocks like Shengde Xintai and Liugang Co. hitting the daily limit up, while the overall steel prices have risen week-on-week [8] - The Ministry of Industry and Information Technology announced a new round of growth stabilization plans for key industries, including steel, aimed at optimizing supply and eliminating outdated production capacity [8] - Meibang Co. saw a dramatic drop in stock price, falling from a limit up of 31.1 yuan to a limit down of 25.86 yuan, reflecting volatility in high-position stocks [9]

Investment Rating - The report maintains a "Recommendation" for the steel industry, indicating a positive outlook for investment opportunities [6]. Core Viewpoints - The steel industry is experiencing a warming sentiment combined with cost support, leading to a strong performance in steel prices. The report notes that the prices for five major steel products have shown weekly increases, with rebar prices reaching 3,316 CNY/ton, reflecting a 0.83% increase week-on-week [1][2]. - The Ministry of Industry and Information Technology is set to introduce a work plan aimed at stabilizing growth in key industries, including steel, which is expected to optimize supply structure and eliminate outdated production capacity [3]. - The report suggests that the steel industry is likely to see a long-term recovery in both valuation and performance, driven by improved profitability and a reduction in production capacity in certain regions [4][5]. Summary by Sections 1. Weekly Market Review - As of July 18, 2025, the prices for five major steel products are as follows: rebar at 3,316 CNY/ton, wire rod at 3,629 CNY/ton, hot-rolled coil at 3,345 CNY/ton, cold-rolled coil at 3,775 CNY/ton, and medium plate at 3,425 CNY/ton, with weekly changes of +0.83%, +0.76%, +1.47%, +1.16%, and +0.91% respectively [1][15]. - The total production of the five major products reached 8.6819 million tons, a decrease of 45,300 tons week-on-week [1]. - The average daily molten iron output from 247 steel enterprises was 2.4244 million tons, an increase of 26,300 tons week-on-week, with a blast furnace capacity utilization rate of 90.89%, up by 0.99 percentage points [1][18]. 2. Key Industry Data Tracking (a) Production Data - The report highlights that the production data indicates a slight increase in iron output and a recovery in electric arc furnace operation rates, suggesting a stabilization in the industry despite seasonal demand weakness [2][18]. (b) Consumption Volume of Five Major Steel Products - The total consumption of the five major products was 8.7011 million tons, reflecting a decrease of 29,600 tons week-on-week, with specific changes in consumption for rebar, wire rod, hot-rolled, cold-rolled, and medium plate [1][39]. (c) Inventory Situation - The total steel inventory stood at 13.3766 million tons, a decrease of 19,200 tons week-on-week, with social inventory increasing by 81,000 tons to 9.2211 million tons, while steel mill inventory decreased by 100,200 tons to 4.1555 million tons [1][51]. (d) Profitability Situation - The average molten iron cost for 114 steel mills was reported at 2,256 CNY/ton, remaining stable week-on-week. The gross profit per ton for high furnace rebar, hot-rolled coil, and cold-rolled coil was +171 CNY/ton, +146 CNY/ton, and +32 CNY/ton respectively, with slight variations noted [1][4]. 3. Stock Market Performance - The steel index closed at 2,294.69 points, with a weekly increase of 0.36%, while the overall A-share index rose by 1.40% [4][6]. - The report indicates that the overall valuation of the steel sector remains low, with specific companies showing potential for recovery in both valuation and profitability [10].

证券代码：000717 证券简称：中南股份 公告编号：2025-29 广东中南钢铁股份有限公司 关于挂牌转让参股公司部分股权及放弃优先购 买权暨关联交易的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概况 广东中南钢铁股份有限公司（以下简称："公司"或"本公 司"）于 2025 年 1 月 20 日召开了公司第九届董事会第一次临时 会议，审议通过了《关于挂牌转让参股公司部分股权及放弃优先 购买权暨关联交易的议案》，本公司持有广东宝氢科技有限公司 （以下简称："宝氢科技"）49%股权，宝武清洁能源有限公司 （以下简称："宝武清能"）持股 51%股权。为优化公司资产配 置，加快资产盘活，本公司拟将持有的宝氢科技 24.5%股权与宝 武清能持有的宝氢科技26.5%股权在国有产权交易所联合公开挂 牌转让，依据第三方评估机构的评估值，公司挂牌转让宝氢科技 24.5%股权的挂牌底价为 2,069.53 万元。本公司放弃对宝武清能 挂牌转让宝氢科技 26.5%股权的优先购买权，宝武清能放弃本公 司挂牌转让宝氢科技 24.5%股权的优先购买权。具体内容详见公 ...

Group 1: Overall Performance of Central Enterprises - 79 central enterprise-controlled listed companies reported positive performance forecasts for the first half of the year, with 32 companies showing year-on-year net profit growth, 22 companies turning losses into profits, and 25 companies reducing losses [1] - 19 central enterprise-controlled listed companies expect a net profit increase of over 100%, with several companies achieving significant turnaround from losses [1] Group 2: Power Sector Performance - Huayin Power, a subsidiary of China Datang Group, is expected to lead the growth with a projected net profit of 180 million to 220 million yuan, representing a year-on-year increase of up to 44 times due to increased power generation and reduced fuel costs [2] - Major investments in the power grid and ultra-high voltage construction by State Grid and Southern Power Grid are expected to drive growth in related companies, with Guodian Nanzi and Baobian Electric forecasting net profit increases of 171.89% to 225.66% and 229.15%, respectively [2] Group 3: Electric Equipment and Cable Industry - Baobian Electric's profit increase is attributed to enhanced market development and increased project orders, while Baoshan Co. anticipates a net profit growth of 167.98% to 301.98% due to optimized sales policies and improved internal management [3] - New Energy Taishan is expected to turn losses into profits in the first half of the year, reflecting a positive trend in the electric cable sector [3] Group 4: Shipbuilding and Rare Earth Industries - The shipbuilding sector is experiencing significant growth, with companies like China Shipbuilding, China Power, and China Heavy Industry expecting net profit increases exceeding 200% due to effective management and increased delivery of civilian ships [5] - The rare earth industry is also thriving, with companies like China Rare Earth and Guangsheng Nonferrous Metals expected to turn losses into profits, driven by rising prices of rare earth products [4] Group 5: Turnaround Companies - 22 central enterprise-controlled listed companies are expected to turn losses into profits, with quality improvement and efficiency enhancement being key factors for their performance recovery [6] - Companies like Zhongnan Co. and Taiji Co. have reported successful turnarounds due to strengthened management and cost control measures [6][7] Group 6: Management and Efficiency Improvements - Many companies achieving year-on-year growth or reduced losses attribute their success to ongoing quality improvement and efficiency enhancement initiatives [7] - Companies are focusing on optimizing resource allocation, controlling costs, and improving operational efficiency as critical drivers of performance growth [7]

Group 1 - The A-share steel sector experienced an initial surge, with Liugang Co., Ltd. hitting the daily limit up [1] - Other companies such as Shengde Xintai, Hebei Steel, Vanadium Titanium Co., Ltd., Zhongnan Co., Ltd., and Shagang Co., Ltd. also saw increases [1]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates turning profitable in H1 2025 with net profit attributable to shareholders between 4.5 million and 6.5 million yuan, a significant improvement from the prior year's substantial loss Key Financial Indicators Forecast | Item | Current Period (2025 H1) | Prior Year (2024 H1) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Profit: 4.5 million - 6.5 million yuan | Loss: 448.98 million yuan | | Net Profit After Deducting Non-Recurring Gains and Losses | Loss: 30 million - 45 million yuan | Loss: 505.07 million yuan | | Basic Earnings Per Share | Profit: 0.0019 - 0.0027 yuan/share | Loss: 0.1852 yuan/share | - The performance forecast covers the period from January 1, 2025, to June 30, 2025[2](index=2&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The performance forecast data represents preliminary estimates by the finance department and awaits final audit confirmation from the accounting firm - This performance forecast data is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[2](index=2&type=chunk) [Explanation of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The company's H1 2025 turnaround to profitability is attributed to internal management optimizations, cost reduction, and efficiency improvement initiatives across operations - The company attributes the significant year-on-year growth and turnaround to profit to multiple cost reduction and efficiency improvement measures, specifically including: - Strengthening accounting-based operations and optimizing raw material and product structures - Innovating business models to enhance operational certainty - Deepening bidding management mechanisms to leverage cost reduction - Successfully completing joint blast furnace overhauls to improve manufacturing capabilities - Achieving new results in full-process extreme cost reduction and expense reduction[3](index=3&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is preliminary, with final data to be disclosed in the 2025 semi-annual report, and advises investors to be aware of investment risks - The company emphasizes that this performance forecast is a preliminary estimate, and specific financial data will be subject to the 2025 semi-annual report, urging investors to be aware of investment risks[3](index=3&type=chunk) - The company's designated information disclosure media are China Securities Journal, Securities Times, and Juchao Information Network[3](index=3&type=chunk)

Core Viewpoint - Zhongnan Co., Ltd. (000717) announced an expected net profit of 4.5 million to 6.5 million yuan for the first half of 2025, a significant recovery from a loss of 449 million yuan in the same period last year [1] Company Summary - The company is projecting a turnaround in its financial performance, moving from a substantial loss in the previous year to a positive net profit in the upcoming period [1]

Investment Rating - The report maintains a "Recommended" rating for the steel industry, suggesting to focus on the bottom repair opportunities in steel stocks [1]. Core Viewpoints - The steel market is currently experiencing a dual weakness in supply and demand during the off-season, but improved market sentiment has led to an increase in steel prices [2][3]. - The overall profitability of the steel industry has improved in the first half of the year due to a significant decline in raw material prices, which has positively impacted steel production costs [3][9]. - The "anti-involution" policy proposed by the Central Financial Committee is expected to enhance market conditions for the steel industry, leading to both valuation and performance recovery in the long term [4][10]. Industry Data Summary Production Data - As of July 11, the production of five major steel products totaled 8.7272 million tons, a week-on-week decrease of 124,000 tons [1]. - The average daily molten iron output from 247 steel enterprises was 2.3981 million tons, down 10,400 tons week-on-week, with a blast furnace capacity utilization rate of 89.9%, a decrease of 0.39 percentage points [1][2]. Consumption Data - The apparent consumption of the five major steel products was 8.7307 million tons, a week-on-week decrease of 121,900 tons [1][2]. - The consumption changes for specific products included a decrease of 33,700 tons for rebar, 29,100 tons for wire rod, and 18,600 tons for hot-rolled products [1]. Inventory Situation - Total steel inventory was reported at 13.3958 million tons, with a slight week-on-week decrease of 3,500 tons [1]. - Social inventory decreased by 21,200 tons to 9.1401 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [1]. Profitability Data - The average cost of molten iron for 114 steel mills was stable at 2,256 yuan per ton [1]. - As of July 11, the gross profit per ton for high furnace rebar was 196 yuan, hot-rolled sheets 142 yuan, and cold-rolled sheets 31 yuan, with week-on-week increases of 9 yuan, 16 yuan, and 20 yuan respectively [1][3].

Transaction Overview - Guangdong Zhongnan Steel Co., Ltd. plans to transfer 24.5% equity stake in Baohydrogen Technology Co., Ltd. and has agreed to waive the right of first refusal for the transfer of 26.5% equity stake held by Baowu Clean Energy Co., Ltd. [1] - The decision was made during the board meeting on January 20, 2025, to optimize asset allocation and accelerate asset revitalization [1]. Transaction Progress - The equity transfer was publicly listed on the State-owned Assets Exchange, but no interested parties registered initially. On April 25, 2025, the company reduced the transfer price by 10% [2]. - By the end of the listing period, only one interested party was identified, a consortium formed by Guangdong Yuntao Hydrogen Energy Technology Co., Ltd., Guangzhou Baiyun New Energy Technology Co., Ltd., and Guangzhou Baiyun Jinke Holdings Group Co., Ltd. [2]. Interested Parties' Information - **Guangdong Yuntao Hydrogen Energy Technology Co., Ltd.** - Type: Other limited liability company - Registered Capital: 107.526882 million yuan - Business Scope: Sales of new energy vehicles, technical services, and various manufacturing activities [3]. - **Guangzhou Baiyun New Energy Technology Co., Ltd.** - Type: Limited liability company (wholly owned) - Registered Capital: 88.88 million yuan - Business Scope: Internet sales, parking services, and various energy-related sales and services [4][5]. - **Guangzhou Baiyun Jinke Holdings Group Co., Ltd.** - Type: Limited liability company (state-owned) - Registered Capital: 200 million yuan - Business Scope: Management services, investment consulting, and various technical services [5].

证券代码：000717 证券简称：中南股份 公告编号：2025-27 广东中南钢铁股份有限公司 关于挂牌转让参股公司部分股权及放弃优先购 买权暨关联交易的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概况 广东中南钢铁股份有限公司（以下简称："公司"或"本公 司"）于 2025 年 1 月 20 日召开了公司第九届董事会第一次临时 会议，审议通过了《关于挂牌转让参股公司部分股权及放弃优先 购买权暨关联交易的议案》，本公司持有广东宝氢科技有限公司 （以下简称："宝氢科技"）49%股权，宝武清洁能源有限公司 （以下简称："宝武清能"）持股 51%股权。为优化公司资产配 置，加快资产盘活，本公司拟将持有的宝氢科技 24.5%股权与宝 武清能持有的宝氢科技26.5%股权在国有产权交易所联合公开挂 牌转让，依据第三方评估机构的评估值，公司挂牌转让宝氢科技 24.5%股权的挂牌底价为 2,069.53 万元。本公司放弃对宝武清能 挂牌转让宝氢科技 26.5%股权的优先购买权，宝武清能放弃本公 司挂牌转让宝氢科技 24.5%股权的优先购买权。具体内容详见公 ...